PHILADELPHIA—This week goPuff, a virtual on-demand convenience store, announced it is “solidifying its position as the market leader for instant needs” after raising $1.15 billion in new funding.
With these new funds, goPuff says it will “continue to accelerate our strategic priorities, which include geographic expansion across the U.S. and internationally, introducing new product categories, and investing in top-tier talent and new technology that will further enhance the customer experience.”
During the past seven years, goPuff has amassed a network of more than 250 micro-fulfillment centers that service 650-plus U.S. cities in 41 states and Washington, D.C., and it recently acquired 161 BevMo! Stores. “Now, as we look ahead, we remain focused on our mission to become the world’s go-to solution for immediate, everyday needs, and these new funds will significantly advance and accelerate our expansion efforts both within the U.S. and internationally,” the company said.
New funding will allow goPuff to expand its category selection such as better-for-you, beauty, baby products and curated mystery boxes. GoPuff will also invest in new media by offering goPuff Marketing Solutions (GMS), which enables brands to run media campaigns on and off goPuff’s platform to reach more customers.
“This milestone further validates the success of goPuff’s vertically integrated model as well as the massive global opportunity for the category. Our technology platform and infrastructure enable us to expand goPuff’s offerings while bringing more products, new categories, and experiences to customers,” said Yakir Gola, co-founder and co-CEO of goPuff.
Daniel Sundheim, founder and chief investment officer at D1 Capital Partners, which is investing in goPuff, said the company “is truly in a league of its own. We believe that [goPuff’s] vision and differentiated model drive industry-leading economics and sustainable growth.”
In October 2020, GoPuff secured $380 million, on top of $750 million raised in 2019, to meet increased demand for convenient last-mile delivery services. For a $1.95 flat fee, GoPuff delivers thousands of items from groceries, snacks and beverages to cleaning supplies, personal care items and household electronics, 24/7 in most markets. Customers order via an app, and their selections arrive within 30 minutes.
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